Facebook quarterly profit leaps 79 per cent to United States dollars 4.7 billion

by Ben Pena November 3, 2017, 0:14
Facebook quarterly profit leaps 79 per cent to United States dollars 4.7 billion

According to Tech Crunch, Facebook's share price closed at $182.66 prior to the earnings announcement and climbed 1.28 per cent in after-hours trading.

"None of that matters if our services are used in ways that don't bring people closer together - or if the foundation of our society is undermined by foreign interference", Zuckerberg said to investors.

These issues come at a time when Facebook's advertising business has matured to the point that growth is becoming less reliant on increases in supply as it runs out of places where it can put ads and more on price. The firm said Russian representatives spent just $46,000 on advertising- compared with the $81 million the Trump and Clinton campaign grounded- but Russia's effort still reached over 126 million users. Facebook's average quarterly revenue per daily active user is now $7.54 - the highest in its history. "Protecting our community is more important than maximizing our profits".

"I've directed our teams to invest so much in security, on top of the other investments that we're making, that it will significantly impact our profitability going forward", Zuckerberg told investors during the call.

The increase in security comes after Facebook, along with other tech giants, Amazon and Twitter, testified before Congress about the Russian ads meddling with the US 2016 Presidential elections. The social media giant, along with Google and Twitter all sent general counsel this week to three scheduled meetings before the Senate Judiciary Committee on Russian influence in the 2016 presidential election.

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Revenues for the quarter surged 47 percent to $10.33 billion from $7.01 billion past year.

Zuckerberg outlined investment priorities that included video content, which he described as the biggest trend at Facebook.

The quarterly earnings report was released as Facebook and other internet titans testified this week before Congress about a Russian-led effort to spread misinformation and sow discord ahead of the 2016 U.S. election.

Ad revenue acceleration 47% YoY. "Facebook plans to raise the standards of transparency for political ads on the site, rolling out a tool to let users see all of the ads a page is now running, and also an archive of political ads the advertiser has run in the past".

"For those who have followed Facebook, you know that when we set our minds to something, we're going to do it".


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